Ethereum’s recent price movements show a period of consolidation after being rejected near the significant $3.5K resistance level. This suggests a potential pullback to the $3K region, coinciding with the 200-day moving average, which could serve as a platform for the next bullish leg. Ethereum has shown remarkable bullish strength, breaking above the $3K resistance zone, now a key support level.
The cryptocurrency’s positioning above the 100-day and 200-day moving averages further solidifies the positive trend. However, resistance near the $3.5K zone triggered a correction toward the 200-day MA around $3K. This area is critical for maintaining Ethereum’s bullish outlook in the medium term.
Should the correction hold above this support, the price could resume its upward journey, targeting fresh resistance levels. With the RSI currently at equilibrium, ETH retains room for growth before encountering overbought conditions. The $3.5K zone remains a pivotal challenge, aligning with previous highs and significant supply zones.
Source
<p>The post Ethereum Consolidation: Price Pullback to $3K Region and Potential Bullish Leg first appeared on CoinBuzzFeed.</p>
